OneAscent Financial Services LLC Invests $592,000 in The Progressive Co. (NYSE:PGR)

OneAscent Financial Services LLC bought a new position in The Progressive Co. (NYSE:PGR) in the 3rd quarter, according to its most recent disclosure with the SEC. The firm bought 2,335 shares of the insurance provider’s stock, valued at approximately $592,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Diversified Trust Co lifted its position in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares during the period. Sycomore Asset Management lifted its position in shares of Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares during the period. Sumitomo Life Insurance Co. purchased a new stake in shares of Progressive in the 2nd quarter worth about $981,000. Tidal Investments LLC increased its stake in shares of Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after acquiring an additional 5,691 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after acquiring an additional 3,585 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PGR has been the subject of several research reports. The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Piper Sandler increased their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Bank of America increased their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday. Morgan Stanley increased their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive Stock Performance

Shares of NYSE PGR opened at $256.56 on Tuesday. The firm’s 50-day moving average price is $252.32 and its 200-day moving average price is $230.44. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $150.30 billion, a PE ratio of 18.65, a PEG ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, analysts anticipate that The Progressive Co. will post 13.09 EPS for the current year.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.